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Making the Tough Decisions during Troubling Economic Times

Written by: James Dicks

Article Overview: James Dicks discusses the challenges facing today's business and employees during these tough economic times

Making the Tough Decisions during Troubling Economic Times

Yet another week and the uncertainty continues to grow. The time has come to do something proactive; I mean, you can't just sit on the sidelines and hope you aren’t affected. Chances are you are already affected at some level. If you own your own business then you must simply take a step back and decide what it will take for you to weather this economic storm. Success is measured by your ability to hold on through the rough times and prosper in the good times.

I’m sure you’ve heard the saying “You have to make hay while the sun shines,” well, that time is over and now you have to preserve and be ready for tomorrow. You don’t have to live in tomorrow but you do have to position yourself correctly. How do you do that? That’s easy, you start identifying areas of the economy that will have to succeed; areas that people will spend money in no matter what is happening.

But before you do that you need to make the hard decisions, you have to decide what keeps you going and do it. Don’t be paralyzed by the decision. Don’t push off tomorrow what you can and should do today because if you do you won't be around tomorrow. Those that make these tough decisions now will be well-positioned in the future.

For those of you who are currently employed, your mission is simple. Do whatever is necessary to help your company and your boss keep the doors open. You do that by recognizing and understanding that the company may be suffering tough economic times too. Look around for areas of the business that may be wasting money or areas than can be streamlined. You must do whatever it takes even if that means offering to take a pay cut. If needed then so be it, but remember the boss will remember that when it comes down to layoffs. Your boss needs people around who take ownership in what they do, and aren’t there just to collect a pay check every two weeks. I can assure you that those days gone.

Here are the alternatives in these tough times. At some point your company will start to evaluate the assets and resources and if you have the shortest seniority, your name will come up sooner than later but that’s okay. If you know it then that gives you an advantage, the ability to develop a “plan B.” But remember this, if you are thinking about finding another job rather than sticking around and helping your current company, be careful. First, jobs are very difficult to find today and if you are fortunate enough to locate a company to hire you, they are probably facing the same volatile economic conditions that your old company was experiencing. Just keep in mind; you will be the newest member of the staff in the new company which means you have absolutely no seniority. So, what were the benefits?

I recommend that you stick it out right where you are; as long as you are making money in the good times and willing to help out in the bad times you should have a win-win situation. There is plenty of hope out there but we all have to be proactive. The economy will continue to sink and with it the consumer confidence, but yours doesn’t have to. If you don’t already have a plan now is the time to develop one. Once you have your plan then you can start to work on it. Cut unnecessary spending, where applicable. Our country will be moving to more of a saving mentality than the “spend now and pay later” attitude of the last 25 years.

We have to pay sometime and now the time has come. Regardless of all the changes and solutions the new political administration sets forth, the U.S. and global economies are still going to have to run their course. This year may be tough but I believe 2010 will show promise. We may see a prolonged recession, maybe upwards of a decade or more, but some of the most profitable times in our country’s financial history have been when the economy is moving sideways. Just like the markets, if there is a sideways trend there is great opportunity to get in at the lows and get out at the highs and you can do that several times during the cycle. Find a good network where you can share ideas with likeminded individuals and then use that network to help you succeed.

All my best -

James Dicks

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Article Tags: budget, eocnomy, forex, goals, investing, james dicks, money, premieretrade



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